Editorial Corruption kills the poor It is rightly said that crime and corruption go together. That saying was statistically proved by an anti-poverty organisation, ‘One’, as it made public its findings on embezzlement of funds and malpractices prevalent in the developing and the industrialised world. It says that around $1 trillion goes into corruption annually and the poor are in a despicable state of affair. The commonly used measures to further this practice are phantom firms and money laundering, wherein public figures and governmental officials conceal their assets and make huge profits by robbing national exchequer. The worst victim of such corrupt activities are the downtrodden in the Third World and developing countries who are deprived of basic amenities of life, including medical care and housing. In a detailed report, which is the first of its kind, ‘One’ says: “Corruption inhibits private investment, reduces economic growth, increases the cost of doing business and can lead to political instability.” Moreover, it overshadows natural disasters and disease as the scourge of poor countries. These findings incidentally coincide with similar studies, especially those of Transparency International, underscoring the fact that good governance and accountability are desperately needed to stem the tide of corruption. According to estimates, the superrich hold $21 trillion. It is no joke that 3.6 million people die every year as their developmental budgets are swindled by the corrupt. Africa and Asia are startling examples where people live before the poverty level, and where a major section of the society income is less than a dollar a day. What is required, as stated by ‘One’ and other public litigant NGOs, is to do away with the secrecy that enables fraudsters to hide their stolen wealth in banks and offshore accounts. The recommendation that information of individuals’ wealth and investments be publicly shared can go a long way in scrutinising their source of income and eradicating possible avenues of corruption (Courtesy Khaleej Times)
Posted on: Fri, 05 Sep 2014 08:25:03 +0000
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